ATFox was created in May 2002 through the merger of London based iFOX and Paris based atenX, a subsidiary of the French money broker HPC SA. Prior to the merger, Univits was the technology provider to iFOX.
Univits came out on top in a benchmark of available technologies and its selection translates into a 50% increase to an already substantial licensing and support agreement. Furthermore, the relationship with ATFox, which includes a range of support services, will remain in place for at least the next three years.
The technology is based on Tellus, a Univits platform with a unified system architecture, which enables technology enhancements made for one client to be deployed for other clients in other markets. An example of this is the Nordic Derivatives Exchange (NDX) with a planned rollout during Q1 2003. The Tellus platform supports a hybrid model of trading which enables the transacting of derivatives, structured products as well as equities on a single platform.
Jack Parrish, Managing Director of ATFox, commented, "ATFox has combined the reach of the two leading electronic swaps brokers in the European money market onto a single platform. We chose Univits based on their superior product, corporate stability and our previous experience working with their team. The platform brings together the best of Univits' technology as well as new functionality which we expect will significantly improve ease of access for traders to deal on the platform."
Daniel Elfvendahl, CEO of Univits commented, "We are delighted that Univits has been chosen as the technology provider to ATFox. The merged entity, ATFox, is a substantial player in the short-term swaps market and the relationship will award Univits further technology improvements. The hybrid platform that has been further developed will enhance the rollout of NDX in Q1 2003."
